OpEd: The Final Straw: Break Up the Banks (HuffPost Politics)
May 30, 2012
By David Fagin
It’s a nice, quiet Memorial Day weekend. Kids frolic on the beach, friends barbecue in backyards, and the Securities and Exchange Commission decides to announce it’s tip-toeing away from the biggest corporate bankruptcy scandal in U.S. history, without prosecuting a soul.
One question that arises, is, perhaps the SEC picked Memorial Day weekend to drop its case against Lehman Brothers — the corporate collapse which sent the world financial markets into utter chaos, the likes of which we are still smack in the midst of — with the hopes no one would notice?
The other is, “WHAT THE F&@@##$$%&*K?????!!!!!!!!”
How on earth is it possible for the watchdog of the finance world to be given everything it needs in a nice, little package, e.g., pages upon pages of evidence that, according to investigators, clearly reveal illegal accounting practices, breach of fiduciary duties, repeated illegal shifting of funds, stock fraud, written testimony from Lehman’s top accountant, confessions from subordinates, etc., and then just toss that package in the garbage?!! It’s absolutely mind-boggling. Do they honestly expect us to believe they found no wrongdoing of any kind? Especially when you consider, just a month prior, 60 Minutes, that ‘wishy-washy’ and ‘semi-credible’ news source, aired the lone interview with Lehman lead investigator, Anton Vakulas, who was only appointed by the Federal Bankruptcy Court, and who, after reviewing over 30 million documents, only stated, point blank, “They fudged the numbers.”
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Tags: Financial Reform, OpEd, Wall Street